⚖️ St. Pete gets tallest tower, YMCA mixed-use plans & NAR lawsuit impacts
Mark Fazzini
Whether you are buying or selling a property, Mark will go out of his way to find out the key factors that are most important to you, so that he can p...
Whether you are buying or selling a property, Mark will go out of his way to find out the key factors that are most important to you, so that he can p...
🌆 400 Central in St. Pete Halfway to Tallest West Coast Florida Tower
Driving the news: The Residences at 400 Central, a luxury condo tower in St. Petersburg, Florida, is more than halfway complete.
When finished, it will be the tallest residential building on Florida's West Coast.
Details: John Catsimatidis Sr., the founder of Red Apple Group, celebrated the start of construction on the 26th floor by giving a tour of the construction site on March 16.
The tower, which will occupy an entire city block in downtown St. Pete, is set to total 1.3 million square feet upon completion.
Currently, the tower is under construction on the 26th floor, with Suffolk Construction Co. completing approximately one floor every seven days.
It will feature 60,000 square feet of retail and restaurant space, and plans are actively being explored for an additional 45,000 square feet of office space.
The $400 million tower will also house 301 condominium residences, including a penthouse that has been purchased by Catsimatidis himself.
Why it matters: The Residences at 400 Central is a significant development for St. Petersburg and the Tampa Bay region, as it will be the tallest residential building on Florida's West Coast.
The project demonstrates the continued growth and demand for luxury housing in the area.
What's next: Construction is on schedule to be completed by spring 2025.
Red Apple Group, while new to the Tampa Bay region, plans to invest $2 billion in Florida real estate in the coming years, with a focus on the west coast of the state.
The bottom line: The Residences at 400 Central is a landmark project for St. Petersburg and the Tampa Bay region, showcasing the area's growing appeal for luxury residential developments.
Its completion will mark a significant milestone in the region's real estate market.
🏠 Step Inside Your Dream Home at $2,000,000 in Largo, FL
🔨 Tampa Heights YMCA to Feature Multi-Use Development
Driving the news: Tampa City Council has given preliminary approval to redevelop a 6.2-acre YMCA-owned property along North Florida Avenue into a 1.25 million-square-foot mixed-use development, anchored by a new YMCA facility.
Details: The new YMCA is set to be nearly double the size of the current facility and will be connected to the Tampa Metropolitan Area YMCA's corporate offices and parking through a sky bridge over North Florida Avenue.
The development plans include a 110,000-square-foot YMCA, a 200-room lifestyle hotel, 184,000 square feet of office space, 100,000 square feet of retail space, and 400 multifamily units, with 10% of these designated for affordable housing.
Why it matters: The redevelopment project will allow the YMCA to expand its reach and services in the growing Tampa Heights neighborhood while creating a link between Ybor City and the Heights.
The big picture: The Central City YMCA's Tampa Heights real estate redevelopment is part of a larger trend of mixed-use developments in urban areas, combining residential, commercial, and community spaces to create more vibrant and connected neighborhoods.
Between the lines: The project has garnered support from local officials and the YMCA leadership, who see it as an opportunity to enhance the community and sustain the YMCA's capacity to serve the growing neighborhood.
What's next: A second hearing for the project is scheduled for April 18.
If approved, the redevelopment will move forward, with the current YMCA remaining open until the new facility is built.
The bottom line: The redevelopment of the Central City YMCA's Tampa Heights property is poised to bring significant changes to the neighborhood, with a new and expanded YMCA facility, housing, office space, and retail offerings, pending final approval from the Tampa City Council.
⚖️ Seismic NAR Lawsuit Settlement Will Transform Homebuying
Driving the news: The National Association of Realtors (NAR) has agreed to a $418 million settlement that will overhaul the commission structure and business practices underpinning the home buying process in America.
Lawsuits alleged that NAR conspired with brokers and MLSs to keep this commission structure inflated and anti-competitive. The proposed changes effectuate in July.
Details: Here are some of the things that could change when you buy or sell a home:
- Rules requiring home sellers to pay buyer broker commissions when listing on MLSs will change.
- Buyers may have to pay their agents directly through fees or commission splits negotiated upfront.
- Upfront fees could include fixed-rate, flat fees for services, or "a la carte" pricing at each stage.
- Virtual tours and self-home tours may become more common as agents reduce free showings.
- Buyers may face higher hurdles in securing agent representation without the ability to pay.
Why it matters: The settlement dismantles the longstanding model where seller-paid buyer-broker commissions, typically 3% in a 6% total commission split, drove agent compensation and incentives.
Between the lines: Decoupling commissions from sellers could reduce costs for homebuyers but tilt the playing field toward large firms able to front acquisition costs. Smaller brokers and agents may struggle.
What's next: The settlement needs court approval over several months. DOJ appeal of an earlier NAR settlement may also impact implementation.
The bottom line: Homebuyers will likely pay more upfront but less overall as the homebuying transaction evolves from a seller-centric model incentivized by commissions toward fee-based services better aligned with buyer interests.
📊 Our Current Local Market Numbers
The Pinellas and Tampa Bay markets are heating up as we get closer to spring.
If you are looking to buy or sell a home in the next few months, you'll need a strong strategy to navigate the nuances of this market.
I'm happy to help you create a plan that will allow you to succeed in the current market.
If you ever have questions, don’t hesitate to ask.
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- That’s all for today, We hope you have an amazing week!
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